Renting out house for Olympics 2012

rfowler

Hi All,

We were thinking of renting out our "2nd" house for rental olympic 2012, any advice or tips?

We we are considering selling it next year but though why not wait till the olympics is over and get some extra cash

lotte123

I've also just started looking into this as I live down in Weymouth and we are very close to the harbour. It would mean we have to move out of the property and stay with friends for a few weeks but, as with yourself, it seems like an excellent opportunity to bring some extra money in.

I have looked around online and seen what some local agencies are advertising similar properties for and am looking at and costing the improvements we would need to make for the property to be legally rentable as well as desirable- i.e. making sure boilers and gas fires are in working order and landlord certificated and redecorating and carpeting. For us it is a case of minimising the risk as we don't want to pay out loads and have no one take up the property. However quite a lot of the work needs doing anyway (we haven't had a working boiler since Jan 11!!!).

I would suggest contacting a few agents that cover the area your house is in and seeing what they can offer and then looking around to see if you think you can do it yourself for better. But remember that as a landlord there will be legal implications to renting your house out so make sure you have them all covered. Good luck :-)

G_M

Rental advice and sources of info here.

Werdnal

I'm fairly sure thishas been posted about here before.

My concern would be how do you limit the rental period to just the time during the Olympics. I think you could have problems getting short term tenants out, as eviction procedures cannot start until 6 months after the "tenancy" begins. You may be better making it a "holiday let" type arrangement, as otherwise you could end up with tenants you want to stay for 4-8 weeks, remaining in the property for much longer and causing more grief, expense and heartache than the handsome rental income you would obviously be expecting to get, would cover!

Getting a solicitor who is experienced in lettings and property management to draw up a thorough contract, covering all eventualities would be a good investment here. Agents would probably tell you its a great money making opportunity as they want the commission that will go with your handsome rent, and will not care about the possible pitfalls of you being stuck with the tenants afterwards. Good independent legal advice would be the only way to go if I was thinking of doing this!

Annisele

According to the BBC short lets of 90 days or under require planning permission in some areas - and failing to get planning permission is a criminal offence with a fine of up to £20k (though you'd be unlikely to get that level of fine for a first offence).

If you live in one of the areas where permission is needed, you'll have to hurry up with your application.

Benji

There would be 'holiday lets' and the safety requirements for such properties are much higher than for a regular residential property.

Running_Horse

With prices falling, wouldn't you lose more by delaying the sale than you would get back in rent? And why is your 2nd home lying empty instead of earning money and providing a home for someone?

RedFraggle

There was alot of talk about this in York several years ago when Royal Ascot was here for a couple of years rather than at Ascot. Most people found that once the hassle, the insurance issues, the issues with the mortgage lender (you are renting the property if only in the short term) and tax implications were taken into account it wasn't worth it.

laurel7172

You need to get an agent's opinion.

I have a friend in a *fabulous* house in a very wealthy area who may be doing this, but the agent told her most applicants are being turned down. For the big money, you need something spectacular *and* immaculate.

RAS

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